Auditing procedures (31 - 40 of 166 items)
International Peer Review of the Performance Audit Practice of the United States Government Accountability Office
A85708: May 30, 2008
An international peer review team with representatives from the supreme audit institutions of Canada, Australia, the Netherlands, and the United Kingdom reviewed the quality assurance system that GAO has established for managing its performance audit practice. GAO's quality assurance system encompasses its organizational structure and the policies and procedures established to provide it with reas...
Governmentwide Accounts Payable
GAO-08-711R: Published: May 20, 2008. Publicly Released: May 20, 2008.
The Government Accountability Office (GAO) is required by the Government Management Reform Act of 1994 to audit the Consolidated Financial Statements of the U.S. Government (CFS). Certain material weaknesses in financial reporting and other limitations on the scope of our work have continued to result in conditions that have prevented us from expressing an opinion on the federal government's accru...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2007 and 2006 Financial Statements
GAO-08-416: Published: Feb 11, 2008. Publicly Released: Feb 11, 2008.
GAO is required to annually audit the financial statements of the Deposit Insurance Fund (DIF) and FSLIC Resolution Fund (FRF), which are administered by the Federal Deposit Insurance Corporation (FDIC). GAO is responsible for obtaining reasonable assurance about whether FDIC's financial statements for DIF and FRF are presented fairly in all material respects, in conformity with U.S. generally acc...
Audits of Public Companies: Continued Concentration in Audit Market for Large Public Companies Does Not Call for Immediate Action
GAO-08-163: Published: Jan 9, 2008. Publicly Released: Jan 9, 2008.
GAO has prepared this report under the Comptroller General's authority as part of a continued effort to assist Congress in reviewing concentration in the market for public company audits. The small number of large international accounting firms performing audits of almost all large public companies raises interest in potential effects on competition and the choices available to large companies nee...
Audits of Public Companies: Survey of Public Accounting Firms and Public Companies (GAO-08-164SP, January 2008), an E-supplement to GAO-08-163
GAO-08-164SP: Published: Jan 9, 2008. Publicly Released: Jan 9, 2008.
This document presents the results of GAO's survey of accounting firms that perform public company audits and GAO's survey of public companies. The purpose of the accounting firm survey was to obtain firms' views on their plans regarding engagements with public companies, participation in associations, competition, audit costs and quality, and related issues. The firm survey sample included all fi...
Single Audit Quality: Actions Needed to Address Persistent Audit Quality Problems
GAO-08-213T: Published: Oct 25, 2007. Publicly Released: Oct 25, 2007.
Federal government grants to state and local governments have risen substantially, from $7 billion in 1960 to almost $450 billion budgeted in 2007. The single audit is an important mechanism of accountability for the use of federal grants by nonprofit organizations as well as state and local governments. However, the quality of single audits conducted under the Single Audit Act, as amended, has be...
Medicare Advantage: Required Audits of Limited Value
GAO-08-154T: Published: Oct 16, 2007. Publicly Released: Oct 16, 2007.
In fiscal year 2006, the Centers for Medicare & Medicaid Services (CMS) estimated it spent over $51 billion on the Medicare Advantage program, which serves as an alternative to the traditional feefor- service program. Under the Medicare Advantage program, CMS approves private companies to offer health plan options to Medicare enrollees that include all Medicare-covered services. Many plans also pr...
Medicare Advantage: Required Audits of Limited Value
GAO-07-945: Published: Jul 30, 2007. Publicly Released: Jul 30, 2007.
In fiscal year 2006, the Centers for Medicare & Medicaid Services (CMS) spent over $51 billion on the Medicare Advantage program, which serves as an alternative to the traditional fee-for-service program. Under the Medicare Advantage program, companies wishing to participate must annually submit bids (effective with contract year 2006) that identify the health services the company will provide to...
Sarbanes-Oxley Act: Consideration of Key Principles Needed in Addressing Implementation for Smaller Public Companies
GAO-06-361: Published: Apr 13, 2006. Publicly Released: May 8, 2006.
Congress passed the Sarbanes-Oxley Act to help protect investors and restore investor confidence. While the act has generally been recognized as important and necessary, some concerns have been expressed about the cost for small businesses. In this report, GAO (1) analyzes the impact of the Sarbanes-Oxley Act on smaller public companies, particularly in terms of compliance costs; (2) describes res...
Financial Audit: Restatements to the Department of Agriculture's Fiscal Year 2003 Consolidated Financial Statements
GAO-06-254R: Published: Jan 25, 2006. Publicly Released: Jan 25, 2006.
The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work. An issue meriting concern and close scrutiny that eme...